When setting up and running a SMSF, trustees take on important responsibilities that go beyond simply managing investments. A SMSF setup involves legal, tax and compliance obligations, so it’s essential to seek help from qualified professionals where needed.

No single professional is licensed or qualified to provide all types of SMSF-related advice or services. Depending on your circumstances, several different professionals may be involved in the SMSF setup process and ongoing management of the fund.

Below is an overview of the key professionals who can help ensure your SMSF setup is compliant and well-structured from the start.

Financial Adviser

A licensed financial adviser can help determine whether a SMSF is suitable for your situation and goals. They can explain how a SMSF fits into your retirement strategy and help design an investment plan that aligns with your risk profile and legal obligations.

Financial advisers can also assist with developing a compliant investment strategy and considering insurance options for members. Only those holding an Australian Financial Services (AFS) licence can provide personal financial advice about SMSFs.

SMSF Accountant or Registered Tax Agent

An SMSF accountant or registered tax agent plays a key role during SMSF setup and throughout the life of the fund. They prepare financial statements, manage accounting records, and lodge the SMSF annual return.

They can also explain tax implications, contribution caps, and reporting obligations. However, unless they also hold an AFS licence, they cannot provide financial product advice.

SMSF Auditor

Every SMSF must be audited annually by an approved SMSF auditor. The auditor reviews the fund’s financial statements and ensures the SMSF complies with superannuation laws.

An auditor must be appointed at least 45 days before the SMSF annual return is due. If the auditor identifies a breach, they are required to report it to the ATO.

SMSF Lawyer or Legal Practitioner

During the SMSF setup stage, a lawyer can help draft and review the SMSF trust deed, ensuring it complies with current legislation. Legal professionals also assist with trustee changes, succession planning, and disputes.

They play a key role in preparing or reviewing binding death benefit nominations and ensuring these are valid and enforceable.

Fund Administrator

An SMSF administrator can help with the ongoing management of your SMSF setup by maintaining records, preparing reports, and tracking compliance. While not mandatory, administrators can make it easier for trustees to manage day-to-day fund operations.

Personal Insurance Broker

As part of your SMSF setup and investment strategy, trustees are required to consider insurance for members. A personal insurance broker can help identify suitable life, total and permanent disability (TPD), trauma, and income protection cover, either inside or outside the SMSF.

This ensures financial protection for members and their families in case of unexpected events.

Estate Planner or Lawyer for Binding Death Benefit Nominations

Estate planning professionals ensure that superannuation benefits are distributed according to each member’s wishes. They assist with binding death benefit nominations, wills, and testamentary trusts.

This step is especially important after SMSF setup, as incorrect or outdated documents can cause legal disputes or unintended tax outcomes.

Working with Multiple Professionals

A successful SMSF setup often requires input from more than one professional. Financial advisers, accountants, lawyers, and auditors each bring different expertise to ensure your fund operates within the law.

Trustees should:

• Check each professional’s registration or licence status with ASIC, the Tax Practitioners Board, or the ATO auditor register.
• Maintain communication between advisers so their advice is consistent and coordinated.
• Remember that trustees remain ultimately responsible for all SMSF decisions and compliance.

Key Takeaway

Getting the right help during SMSF setup can save time, reduce risk, and help ensure your fund remains compliant. Different professionals, from your SMSF accountant to your lawyer and insurance broker, each play a specific role in supporting trustees.

By engaging qualified specialists and keeping their advice coordinated, trustees can build a strong foundation for long-term SMSF success and confident retirement planning.

For more information visit – ATO website